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SJM’s gross gaming revenue barely moved in the third quarter

The city’s original gaming operator generated less than 70 percent of the revenue it made during the third quarter of 2019.

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The city’s original gaming operator generated less than 70 percent of the revenue it made during the third quarter of 2019.

ARTICLE BY

PUBLISHED

UPDATED: 21 Dec 2023, 11:06 pm

Macao’s oldest concessionaire SJM generated HK$5.41 billion in net gaming revenue during the third quarter of this year, according to a statement issued by the company. This represented 67 percent of net gaming revenue in the same period in 2019 – the last year before the Covid-19 pandemic struck.

Gross gaming revenue was at HK$5.71 billion – a quarterly increase of just 1 percent, according to previous media reports.

The group’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) reached HK$566 million in the third quarter, a 32 percent increase on the April-June period.

[See more: Losses shrink for Wynn Resorts in the third quarter]

Cumulative net revenues for the first nine months of the year stood at HK$14.12 billion, a year-on-year rise of almost 200 percent due to the fact Macao was under heavy pandemic restrictions in 2022.

Grand Lisboa earned HK$1.47 billion in gross gaming revenue and HK$81 million in non-gaming revenue for the quarter. Grand Lisboa Palace, meanwhile, earned HK$783 million in gross gaming revenue, and HK$301 million in non-gaming revenue for the quarter. 

The loss attributable to SJM’s owners was HK$410 million for the quarter. For the year to September, their losses totalled HK$1.67 billion.

At the end of September, the group had HK$4.57 billion in cash, bank balances, short-term bank deposits and pledged bank deposits. It was also HK$28.3 billion in debt. 

 

UPDATED: 21 Dec 2023, 11:06 pm

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